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Monday, December 7, 2009

Pay by SquareUp

Another Normal Day . I order a cuppa of coffee at 'Chinese Coffee House" and later, dish out my Debitcard to (3 in 1) Waiter,Cashier & Owner Dude.

He immediately dish put his Iphone ( yes it's a I'phone) and swipe my card using Square's intuitive app and a small plastic device that plugs into Iphone*a mobile phone's audio input jack, payment cards can be swiped and read anywhere*

Immediately, my face pop up for his verification.(just remember to put most up to date pix of your's)

Then, text messaging to authorize every payment in real-time using secure channel(Similar to issuing check for payment or withdrawing moo-lah from bank account)

Presto . Instant receipts on my mobile minus the paper.

Thing are getting faster in term of financial term these day for small, new or existing "Mom and Pop" based business. Forget the hassle to dish out moo-lah for your money since now even your favorite mamak eating stall can now accept instant payment using SquareUp . One of the biggest drawback for most business today is they couldn’t accept a credit card as payment due to many factors. It still is still difficult, requiring long applications, expensive hardware, and an overly complex experience for many merchant and many still favor cash payment upfront.

PS: The reader devices will likely be free, while the app will cost about USD 1.